A visitor sits and watches stock price information displayed on a digital screen inside the Saudi Stock Exchange, also known as the Tadawul, in Riyadh, Saudi Arabia. (Photographer: Abdulrahman Abdullah/Bloomberg)

Stocks Radar: HDFC Bank, Dr. Reddy’s, Praj Industries

Indian equity benchmarks fell in early trade even as other Asian peers gained after U.S. jobs data bolstered optimism in the world’s largest economy.

The S&P BSE Sensex fell as much as 0.4 percent to 35,089.6 and the NSE Nifty 50 fell as much as 0.45 percent to 10,648.2.

Eight out of the 11 sectoral gauges compiled by the NSE were trading lower led by the NSE Nifty Realty Index’s 1.4 percent fall. On the other hand, the NSE Nifty IT Index was the top gainer, up 0.2 percent.

Here Are The Stocks Moving The Markets This Morning:

HDFC Bank: FII Limit Open

Shares of the country’s largest private lender fell nearly 2.5 percent after a hitting an all-time high of Rs 2,170 apiece.

New rules for foreign holdings in Indian companies have opened opportunities for overseas investment of about $1.4 billion in HDFC Bank Ltd. Global funds can increase their stake in the Mumbai-based bank by 1.68 percent or 4.3 crore shares. Currently they hold 72.3 percent of HDFC Bank, right under the cap of 74 percent for lenders.

Trading volume was 43.7 times the 20-day average. The stock is trading 10 percent below the Bloomberg consensus one-year target price, which is Rs 2,341.02.

Praj Industries: Falls Most In A Year

Shares of the water treatment solutions provider fell as much as 11.7 percent, most in almost 11 months, to Rs 82.8.

Trading volume of Praj industries Ltd. was 1.2 times the 20-day average of the firm. Out of the six analysts that have a coverage on this stock, four recommend ‘Buy’ and the rest have a ‘Hold’ rating.

The stock has lost around 21.8 percent so far this year as compared to Sensex’s gains of 3.2 percent during the same time frame.

Dr. Reddy’s: Rises On Clean Chit From U.S. Drug Regulator

Shares of the Hyderabad-based drugmaker rose as much as 3.7 percent to Rs 2,013.8, rising for the second consecutive trading session.

The audit of Dr. Reddy’s Laboratories Ltd.’s API Srikakulam Plant, located in Andhra Pradesh has been completed by the U.S. drug regulator with no observations, the company informed in a stock exchange filing.

Trading volume of the stock was 5.9 times the 20-day average. The stock is 12 percent below the one-year consensus target price, which is Rs 2,258.9. Around 44 percent of the analysts covering this stock have a ‘Buy’ rating on the stock, 33 percent recommend ‘Hold’ while the rest have a ‘Sell’ rating on the stock.

Stocks Trading In High Volumes

  • ITC: 44 lakh shares changed hands on the exchanges.
  • Reliance Communications: 31.3 lakh shares changed hands on the exchanges.
  • Yes Bank: 28.6 lakh shares changed hands on the exchanges.
  • PC Jewellers: 22.4 lakh shares changed hands on the exchanges.
  • ICICI Bank: 21.3 lakh shares changed hands on the exchanges.

Stocks Reacting To Block Deals This Morning:

Intellect Design:

GAIL:

  • 21 lakh shares changed hands in a block deal
  • Shares of GAIL (India) Ltd. rose as much as 1.4 percent to Rs 346.

Hindalco:

  • 13 lakh shares changed hands in a block deal
  • Shares of Hindalco Industries Ltd. fell as much as 0.2 percent to Rs 238

Bajaj Finance:

  • 10.3 lakh shares changed hands in a block deal
  • Shares of Bajaj Finance Ltd. rose as much as 1.6 percent to Rs 2,110

Vedanta:

  • 11 lakh shares changed hands in a block deal
  • Shares of Vedanta Ltd. rose as much as 0.3 percent to Rs 249

ITC:

  • 44 lakh shares changed hands in a block deal
  • Shares of ITC Ltd. rose as much as 3.7 percent to Rs 279.8

Zee Entertainment:

Yes Bank:

  • 26.2 lakh shares changed hands in a block deal
  • Shares of Yes Bank Ltd. rose as much as 2 percent to Rs 347.

Sun Pharma:

KPIT Technologies:

  • 10.5 lakh shares changed hands in a block deal
  • Shares of KPIT Technologies Ltd. rose as much as 1.6 percent to a lifetime high of Rs 290.
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